COMBINED MOTOR HOLDINGS LIMITED - Interim Results for the six months ended 31 August 2025 and cautionary announcement

Interim Results for the six months ended 31 August 2025 and cautionary announcement

Combined Motor Holdings Limited
("the Company" or "the Group")
(Registration number: 1965/000270/06) (Share code: CMH) (ISIN: ZAE000088050)
JSE Main Board: General Segment

UNAUDITED GROUP FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS ENDED 31 AUGUST 2025

                                                                Unaudited     Unaudited       Audited
                                                                 6 months      6 months     12 months
                                                    Change      31 August     31 August   28 February
                                                         %           2025          2024          2025

Total assets                             (R'000)       7.5      5 309 513     4 938 139     5 472 658
Cash resources                           (R'000)      14.9        774 515       673 820       954 124
Net asset value per share                (cents)       8.2          1 913         1 768         1 893
Revenue                                  (R'000)      16.3      7 600 901     6 534 453    13 251 596
Operating profit                         (R'000)      14.0        323 542       283 920       639 543
Operating profit to revenue                  (%)         -            4.3           4.3           4.8
Total profit and comprehensive income    (R'000)      22.7        164 595       134 167       301 492
Basic earnings per share                 (cents)      22.6          220.0         179.4         403.1
Headline earnings per share              (cents)      22.7          220.0         179.3         403.2
Dividend paid per share                  (cents)                                                322.0
Dividend declared per share,
payable December                         (cents)    (100.0)            -*         102.0

SHARE REPURCHASE OFFER
The Group currently has, and has had for a number of years, cash resources which are surplus to its present and
reasonably foreseeable requirements. Having reviewed cash flow projections, the directors do not anticipate that the
resources will be required in the next 12 months for operational or other reasons.
Consequently, the directors believe that, rather than earn a relatively low interest return on the surplus funds, optimal use
thereof can better be made by returning the surplus to shareholders by way of a pro rata share repurchase offer ("Share
Repurchase Offer").
Whilst the full details including the pricing and timing of the Share Repurchase Offer are still to be determined, the salient
features of the Share Repurchase Offer are as follows:
- the Share Repurchase Offer will be restricted to a maximum number of 11 220 000 shares, representing 15% of the
  Company's total present issued ordinary shares; and
- shareholders may tender for repurchase as many or few shares as they decide.

DIVIDEND*
In view of the Share Repurchase Offer proposed and detailed above, the directors propose that the value of the traditional
dividend payable in December each year be included in the value of the Share Repurchase Offer, and no separate dividend
will be paid. The directors anticipate that traditional dividend payments will resume from June 2026.

CAUTIONARY ANNOUNCEMENT
Accordingly, until such time as the full details of the Share Repurchase Offer are determined, shareholders are advised to
exercise caution when trading in their CMH shares until a full SENS announcement is made.

SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors. It is only a summary of the information contained
in the full announcement and does not contain complete details. Any investment decision should be based on the
full announcement which can be found on the Company's website at www.cmh.co.za and through the JSE cloudlink
https://senspdf.jse.co.za/documents/2025/jse/isse/CMH/CMHIR2025.pdf. The results for the six months ended
31 August 2025 have not been reviewed nor audited by the Company's auditor.

14 October 2025

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd



Date: 14-10-2025 05:20:00
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